Munich, December 7, 2018 - Knorr-Bremse, the global market leader for braking systems and a leading supplier of other rail and commercial vehicle subsystems, today signed an agreement to acquire the commercial vehicle steering systems business (IPS) from Hitachi Automotive Systems, Ltd. in Japan and Thailand.

With this transaction, Knorr-Bremse strives to become the leading supplier of recirculating ball steering gears (RCB) for commercial vehicles in Japan, and executes the next step to become a global supplier for commercial vehicle steering systems. In 2017, the IPS business generated a turnover close to 100 million euros and has approximately 350 employees.

With this acquisition Knorr-Bremse will gain better access to the Japanese and the Southeast Asian market and will have the opportunity to also provide further products of the respective business in these regions.

The transaction is expected to be completed in the first quarter 2019. The closing of the transaction is still subject to the approval of the relevant antitrust authorities and other customary closing conditions.

Important Information

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